Creating a comprehensive estate plan is essential to securing your financial future and ensuring your loved ones are taken care of after you’re gone. In Tennessee, wills and trusts are two primary tools for estate planning. But what are they, how do they differ, and which is right for you? At McBrien Armistead Law Group, we understand the complexities involved in Tennessee estate planning and are here to assist you every step of the way.
Understanding Tennessee Wills and Trusts
A will is a legal document outlining how your property should be distributed upon death. It can also name guardians for minor children. Wills in Tennessee require the testator to be at least 18 years old and of sound mind. As per Tennessee law, two or more witnesses must sign the will to make it valid.
On the other hand, trusts are legal entities created to hold assets for beneficiaries. The creator of the trust, known as the grantor, appoints a trustee to manage the trust’s assets. In Tennessee, trusts can be revocable (can be changed or canceled by the grantor during their lifetime) or irrevocable (cannot be changed once established).
The Advantages of Trusts
Trusts, particularly revocable living trusts in Tennessee, offer several advantages over wills. For starters, they bypass the probate process, saving time and money. Probate is a court-supervised process where a deceased person’s estate is administered, including paying creditors and distributing assets. It can be a lengthy and costly process, particularly for larger estates.
Another advantage of a revocable trust in Tennessee is that it provides privacy. Unlike a will, which becomes a public document once it enters probate, a Trust remains private. This means the details of your estate and who you’re leaving it to won’t become public knowledge.
Are Online Wills Legal in Tennessee?
Yes, online wills are legal in Tennessee, provided they meet the state’s requirements for a valid will4. However, creating an online will without professional legal guidance can pose risks. You might overlook important legal nuances, resulting in your will being contested or invalidated. That’s where we come in. At McBrien Armistead Law Group, we can help ensure that your will is legally sound and accurately reflects your wishes.
Navigating TN Wills and Trusts with McBrien Armistead
Whether you need assistance drafting a will, setting up a revocable trust in Tennessee, or navigating the complexities of an irrevocable trust, our team at McBrien Armistead Law Group is here to help. We have extensive experience in Tennessee estate planning and are committed to providing personalized guidance tailored to your specific needs.
Our commitment to client education sets us apart. We take the time to explain the complexities of TN wills and trusts, ensuring you make informed decisions about your estate plan. Contact us today to learn how we can assist with your Tennessee estate planning needs.
Continue reading about this topic with the following blogs:
- Top 7 Questions Most Commonly Asked About Wills
- Estate Power of Attorney After Death
- Contested Wills and Probate
- Securing Power of Estate After Death
- Understanding the Duration for Contesting a Will in Tennessee
- What Does it Mean When a Will Is Contested?
- What is Probate and the Probating of a Will?
